Ever tried selling a house in Arizona?
Have you tried selling a house in Arizona this year or recently, only to run into a brick wall that you never expected to find there? You’re in safe hands.
From costly renovations to finding a good agent, commencing repairs, and organizing time-consuming stagings and house showings, selling a house is no easy task, and selling a house in Arizona comes along with its own set of rules and regulations.
In this post we will discuss the fine print of selling a house in Arizona, answering questions on important topics such as:
- What are the taxes on selling a house in Arizona?
- What is the average selling time for a house in Arizona?
- What you must disclose when selling a house in Arizona?
- What are the laws when selling a house in Arizona? And
- What is the likely loss when selling a house with asbestos in Arizona?
Make sure you stick around until the end because we will reveal a secret hack for selling a house in Arizona without all the extra fees, closing costs, and long wait times.
What are the taxes on selling a house in Arizona?
Yes, there are taxes on selling a house in Arizona. In this warm, sunny state, you will be required to pay capital gains taxes when you sell your home.
If, however, the home is your primary place of residence, and there is evidence to prove that you have lived in it for at least two out of the last five years cumulatively, then you may be able to avoid paying capital gains tax. If you are single in this case, the amount from the sale of your home exempt from taxes is $250,000. The amount doubles to $500,000 if you are a married couple.
Arizona uses the same Federal rates as the IRS to calculate the due capital gains taxes on the sale of a home.
What is the average selling time for a house in Arizona?
From repairs to showings, to negotiations, and closing, the estimated average selling time for a house in Arizona in 2019 was estimated at 7 weeks. This, of course, is unless you use a speedy property buyer like Tammy Gazda where you can close the deal in a matter of a few days.
What you must disclose when selling a house in Arizona?
When selling a house in Arizona, you must disclose:
- All known potentially hazardous materials used in construction
- Any defects or unresolved problems the property has
- Current status (occupied by the owner or rented out)
- The property’s age
- All environmental information around the property (soil state, pollution, etc)
- The sewage system utilized by the property and any potential defects it may have, etcetera.
To get a full list of all you will be required to disclose before your property goes on sale in Arizona, contact Tammy at (480)-848-7173.
What are the laws when selling a house in Arizona?
When selling a home in Arizona, a few laws apply, especially if you’re putting your property up FSBO (For Sale By Owner).
First, you must have a written agreement of terms between you and the buyer. This agreement stipulates the responsibilities of each party and must be in writing for it to be legally enforceable.
Next, there are certain disclosures that you are required by law to make to the potential buyer. These disclosures include all known materials used in building the house and are discussed in detail in the paragraph above.
Moving on, the seller is prohibited from discriminating against buyers based on race, gender, religion, and nationality under the civil rights act of 1968. An amendment in 1988 included the prohibition of discrimination against potential buyers based on disability or familial status.
Finally, the sale must be compliant with the foreign investment rules stated in the 1980 Real Property Tax Act.
What is the likely loss when selling a house with asbestos in Arizona?
If you discover that your home was built using asbestos, (a potentially dangerous and highly carcinogenic material), it is still perfectly fine to sell it. However, you are required to disclose it or remove it.
If you are not sure whether your house was built with asbestos, you can easily purchase a DIY kit for between $30 – $60, or have professionals come do the testing to limit your risk of exposure.
It is quite tricky to determine your loss on selling a home with asbestos. The cost of removing the material can run into thousands of dollars, and putting your house on the market just like that can limit the amount you get for it. So, what do you do?
You should talk to a real estate agent in Arizona! A real estate agent can help you navigate the situation and decide which is the better and more financially savvy option – to remove or to disclose.
On the other hand, selling your house for cash to a buyer like Tammy Gazda will give you instant freedom and save you the stress of worrying about what to do with the property. Give Tammy a call today at (480)-848-7173.
Selling with Tammy: A secret hack for selling a house in Arizona
If you are considering selling a house in Arizona, we have great news for you.
What if we told you that there is a way to avoid all the expensive repairs and renovations, stagings, closing costs, and agent fees? Sounds too good to be true? Well, it’s not.
Selling your home with Tammy Gazda will instantly give you freedom and save you from the costs associated with selling a house while ensuring that the bulk of the profit remains in your pocket.
Give Tammy a call today at (480)-848-7173. We will buy your house as it is and take it from there.
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